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Adam Smith

Adam Smith Definition

Adam Smith was an 18th century Scottish philosopher. His most famous work “An Inquiry into the Nature and Causes of the Wealth of Nations” is the first modern book on economics. Smith is considered as the founder of free market economics, as he believed that the wealth of the society was promoted when individuals followed their own interest, therefore competition on the free market benefited the society.
RELATED TERMS
Alan Greenspan
Free market
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Economy



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